Warren G. Lichtenstein‘s Steel Partners, has revealed ownership of 9.63 million shares of API Technologies Corp (NASDAQ:ATNY). According to the filing, the fund’s activist stake currently amasses 17.4% of the company’s common stock. In its latest 13F, Steel Partners disclosed holding around 1.43 million shares of the company.
Moreover, according to the filing, the securities have been purchased because Steel Partners considers API Technologies Corp (NASDAQ:ATNY)’s stock as undervalued and therefore represented an attractive investment opportunity.
API Technologies Corp (NASDAQ:ATNY) is a small cap designer and manufacturer of systems, radio frequency and secure communications products. During the last year, the company managed to significantly narrow its net loss to $7.8 million as reported for the end of the year, from $148.7 million disclosed for 2012. As stated in a press release, the decrease was caused by goodwill impairment charge and net income from discontinued operations.
The stock of API Technologies Corp (NASDAQ:ATNY) has lost over 10% since the beginning of the year, although since March 2013, it gained around 20%. The stock sports a beta of around 1.5, and has a forward P/E of around 16.
Following the latest increase, Steel Partners became the insistutional investor with the largest long position in the company. Another one is Wynnefield Capital, run by Nelson Obus, which owns nearly 3.00 million shares. A shareholder with a significant position in API Technologies Corp (NASDAQ:ATNY) was Doug Silverman and Alexander Klabin‘s Senator Investment Group, which in its latest 13F disclosed ownership of 5.93 million shares. However, last week, Senator reported dumping its position in the company.
Warren Lichtenstein and Steel Partners are heavily invested in Industrial Goods stock, as shows the fund’s latest 13F filing. Almost 40% of Steel Partner’s $440 million equity portfolio is held in Handy and Harman Ltd (NASDAQ:HNH), in which the fund owns 7.23 million shares, with a reported value of $175.01 million. Gencorp Inc (NYSE:GY) is also one of the top picks, Steel Partners holding a $75.34 million stake with 4.18 million shares.